Calculate the product cost contribution margin under variable costing and the gross margin unde absorption costing. 8p8.42B (LO 1, 2, 3) Boat Refit Inc. produces and sells custom parts for powerboats. The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2022 is as follows: Net income (under absorption costing) Sales Fixed factory overhead $ 400,000 $3,400,000 $ 600,000 Selling and administrative costs (all costs are fixed) $ 400,000 Net income (under variable costing) Units produced Units sold $ 310,000 2,000 ? Boat Refit had no work in process inventory at either the beginning or the end of fiscal 2022. As well, the company did not have any finished goods inventory at the beginning of the fiscal year. Instructions a. Calculate the units sold in fiscal 2022. a. 1,700 units b. Calculate the total contribution margin under variable costing. b. $1,310,000 c. Calculate the gross margin under absorption costing. c. $800,000 d. Calculate the cost per unit sold under variable costing. d. $1,229.41 e. Calculate the cost per unit sold under absorption costing. e. $1,529.41